Next came the Tribeca Grand Hotel for $50 million, and several hotels in suburban New Jersey, bringing the total of Hartz-owned hospitality properties to eleven. In 1926 he went to the United States and founded Hartz Mountain Corporation, which was the largest manufacturer of pet products and real estate development. Edwards practice of mutual-fund timing, which was commonly practiced in the world of hedge funds, led to a 110 percent return in 1999. Leonard Norman Stern is born in New York to Max and Hilda Stern. Following in his fathers entrepreneurial footsteps, Leonard took over the family business, Hartz Mountain, in 1959 at age twenty-one. [39], The youngest of Mr. Sterns children, Andrea, earned a degree with honors from Brown University. He served as a Senior Editor of Marketing Science, Journal of the Production and Operations Management Society (POMS) and Customer Needs and Solutions, and as an Associate Editor of Journal of Marketing Research, Management Science and Quantitative Marketing and Economics. In a departure from his hands-on style, Leonard bought the sellers business plan, and promised to invest $1 million in the first year to cover the business losses. Leonard N. Stern School of Business. [54] Melanie Grayce West, Heard & SceneDonor of the Day: Real-Estate Titans Milk Drops, Wall Street Journal, March 4, 2011 (accessed July 19, 2012). Being a stepson of Max Stern he still holds a very important position in the family. Abstract Views. Father, Max Stern, immigrates to the U.S. from Germany. [citation needed], Admissions decisions are handled by the school's parent institution, New York University, and are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity. [37] Marcia Vickers, Dynasty in Distress, Business Week, February 8, 2004 (accessed July 19, 2012). This gift comes on the heels of another $50 million gift also directed towards undergraduate scholarships earlier . He stayed on as chairman and received a robust compensation package of $250,000 annually for life. #20 Leonard N. Stern School of Business New York University #20 Leonard N. Stern School of Business New York University. New York University - Leonard N. Stern School of Business View profile View profile badges . He looks after the family business and is the current CEO and Chairman of private family Hartz Group. [15] Mark Robichaux, Hartz Faces Mounting Safety Questions Over Its Blockade Flea and Tick Spray, Wall Street Journal, September 3, 1987. Step 2: Verify and fulfill prerequisites. Marcel is the son of Ghity Lindenbaum and Max Stern. Some observers saw the switch to free distribution as a sign that The Village Voice was losing franchise strength and the ability to fight off competitors. Authors. [11] Located in New York's downtown business district, the school's "Wall Street Division" served both full-time and currently employed students. 1962), Edward Julius (b. [14], In 2010, the 84,500-square-foot (7,850m2) renovation of the three Stern School of Business buildings, known as the Stern Concourse Project, was completed. Leonard Stern took over the family business Hartz Mountain Pet Company from his father in 1959. Share with your friends. It is located on Gould Plaza next to the Courant Institute of Mathematical Sciences and the economics department of the College . A superior student, Leonard earned a Bachelor of Science degree from New York University at age eighteen, and his MBA there by age nineteen. Weeks later, Leonard laid off the staff and sold the name of the newspaper for a mere $50,000. Soon his birds were sold at R.H. Macy, F.W. Hartz Mountain was already a long-established pet company when his father turned over the reigns to him. By the early 1980s, he had expanded the company's focus beyond pet foods to make it America's leading pet supply manufacturer and name brand. In 1984, he bought the East Side Express, a trendy weekly newspaper, for the price of its liabilities. Leonard Stern, in particular, is an entrepreneurial success because of his relentless drive to expand and diversify into a number of diverse businesses at a time when such unrelated diversification (pets, real estate, news weeklies, hedge funds) had become increasingly illegitimate as a business strategy. Professions. Max spent the sunset of his life dedicated to philanthropic causes. Leonard tried to assuage anxieties. [citation needed], Peter Blair Henry became dean of the school in January 2010. Second son Edward, nicknamed Eddie, earned a Bachelor of Arts in art history from Haverford College in 1987, where the head of the classics department begged Leonard not to tempt Eddie to go into the business world. She had painted much beautiful painting throughout her life and some of her paintings are still having a higher price. Leonard N. Stern School of Business, New York University, New York, NY 10012, USA. He shrewdly bought out the stockholders for $14.50 a share, folded Hartz Mountain into his privately owned real estate concern, and used his cash flow from pet wares to finance his vision of developing the Meadowlands.[19]. While building and then selling those enterprises, Leonard grew the companys real estate holdings to include more than 210 buildings with over thirty-eight million square feet of industrial, office, retail, and hotel space in New York and New Jersey, including the fashionable New York Soho and Tribeca Grand Hotels, and the company headquarters at 667 Madison Avenue in New York City under the umbrella of The Hartz Group, Inc.[2] In recognition of his philanthropy, New York University named the Leonard N. Stern School of Business, where he earned his MBA at age nineteen, in his honor. Sales of cat and dog food in 1968 amounted to $918 million, a gain of nearly 14 percent over the 1967 level. Leonard visited welfare hotels and gymnasiums to see for himself. The thought that I might, at some time, have to at the very least correct their mistakes is very, very stressful. Leonard Sterns story speaks to the persistence and importance of closely held family businesses and their ability to challenge prevailing wisdom. He expanded into real estate development in the 1960s, acquiring two tracts of barren marshes totaling over 1,250 acres in New Jersey's Meadowlands, six miles from downtown Manhattan. New York: Salomon Brothers. The admitted (full-time) MBA students' average Graduate Management Admission Test (GMAT) score was 720 with an undergraduate average GPA of 3.51. As of October 2022, 2,865 students were enrolled in Stern's undergraduate program and 2,735 were enrolled in its Master of Business Administration (MBA) program. Students who attend the Stern School of Business are often called "Sternies. Cork in the United Kingdom. 1963), and Andrea Caroline (b. Im finally at the point where I have the money and the time to branch out from my other businesses.[23], While some wondered how Leonards conservative political leanings would mesh with The Village Voices brash, liberal voice and diverse range of readers, and if his legendary involvement at every level of his businesses would alienate the staff, he kept his promise to maintain a hands-off management style. This made him took total control of the family business. Hartz Mountain has more than 45 million square feet of US office, industrial and retail space in more than 260 buildings, as well as residential apartments and hotels. Gene Heller left Hartz after twenty-five years to gamble on his own entrepreneurial instincts, founding Edgewater Commons, the first shopping center on River Road, with his son, Toda project that is said to have sparked the waterfront revival. The new and renovated space is used almost exclusively to improve the quality of student life. He had previously made a $3 million gift to NYU in 1986. Stern decided to surprise his wife by giving the money in her name.[60], Friends told the Wall Street Journal that Allison had a mellowing effect on Leonard, inspiring him to entertain on his 126-foot yacht, formerly owned by Malcolm Forbes, and named Lady Allison in her honor. To those who questioned his political compatibility factor, Leonard cited his attraction to an unexpected opportunity to own a popular, profitable, growing and respectable publication. Additionally, Hartz was documented as hiring prostitutes to entertain their customers at trade shows, destroying documents, and clandestinely taping executives as a business practice. Small business owners, city officials, and low income residents were displaced by his development projects and vision of gentrification in north Jersey, which ushered in a rise of homelessness, poor Hispanics being forced out of Hoboken, and historic buildings being razed. On this Wikipedia the language links are at the top of the page across from the article title. With baby boomers trading in empty suburban nests for more urban downsizing, rents in Manhattan driving many to the fringes of the city, and Wall Street businesses looking to grow, the area was primed for a major growth spurt. [4] The school was also ranked 1st in the world for finance for all years between 2017-2021 based on the Academic Ranking of World Universities (ARWU). Business Week noted that There is an uncanny parallel with his son Eddies current tribulations.[45] Leonard Stern was not personally implicated in the scandal. The school is located on West 4th Street, occupying Shimkin and Tisch Halls and the Kaufman Management Center, on NYU's Washington Square campus. Ancient Greek artefacts reportedly from the collection of the American businessman and philanthropist Leonard N. Stern could be returned to Greece. Builds Soho Grand and Tribeca Grand Hotels. Cork, the leader in field service merchandising in the United Kingdom through a diverse array of non-food supermarket and convenience store items such as Hartz pet care, housewares, baby items, hair care, and cosmetics. He invested $10 million and received twenty-folds of the total investment. When he asked a nearby police officer about it, the officer explained that the homeless were safer in the park under his watch than in the shelters. The Langone MBA for Working Professionals was renamed in his honor. While there was a lot of pressure on firms, particularly public companies, to focus more on core competencies and divest themselves of unrelated businesses, Stern swam against this tide, which is a reflection of his personality and the fact the Hartz empire was a family business and hence not subject to the pressure of outside investors. [58], In 1987 Leonard married Allison Maher Stern, a former model (who appeared on the poster for the movie Jaws) and Emmy Award-winning television producer. Do you have a job opening that you would like to promote on SSRN? He was born in Fulda, Hesse, Germany, to parents Emanuel and Caroline Stern. Christopher Cannon, Dean Halford, Brittany Harris and Julian Burgess, of the total wealth of the 500 richest people in the world, of the top 200 U.S. executives total awarded compensation. people. Judge Merhige, Jr., of the Eastern District of Virginia in Richmond, complained that government lawyers had been too soft on Hartz executives in the plea bargain agreement, calling the process a miscarriage of justice. In response, Leonard argued that Judge Merhiges complaints were based on testimony in related cases from two vice presidents of salesWalter Albuquerque and George Spencerwho were taped by a fellow executive conversing about violating antitrust laws and committing perjury. He didnt speak much English when he arrived, but I Americanized my thinking very fast, Stern told the Wall Street Journal in a 1973 interview.[4], While others were selling birds for up to $20 each, he decided to sell in volume for less than six dollars. Moreover, in combining the value of his business education with his talent for envisioning and recognizing new opportunities, Leonard is a classic example of an immigrant parents dream. He expanded the companys focus beyond pet foods to multiple products for dogs, cats, tropical fish, and hamsters, making Hartz Mountain Americas leading pet supply manufacturer and name brand. He is also the part of Alnitak Capital Partners as a Managing Partner. While driving a visiting friend past City Hall, he was struck by the number of people sleeping on benches. It was during this time that Hartz also acquired the Pet Products Rawhide Company, which made dog treats, and the L&M Pet Company, which manufactured foods for small animals. [50], Leonard is very active with his philanthropic efforts, proving that he is as devoted to donating money to pet causes as he has been to building and expanding a family dynasty. Leonard was married twice in this life and the first marriage ended in a divorce. Panagiotis G. Ipeirotis at New York University - Leonard N. Stern School of Business. While Max might have been self-taught, his philanthropic focus on supporting higher education demonstrated his conviction that a learned person is best prepared to take the reins of the family business and move it onward and upward. [47], In 2021, the median combined verbal and math SAT score of incoming freshmen at the undergraduate level of Stern was 1550 and 77% ranked within the top 10% of their high school's graduating class. [55] Stears, NYCs Billionaire Milkman.. [18] There are[when?] By 1945, the school's enrollment was well over 10,000 with graduates hailing from 36 countries and 48 states. Leonard Stern. My time clock is just different.[31], In 1997, after handing control of the family business over to his children, Leonard approved Emanuels $10 million dollar purchase of a single acre of waterfront property, a record high in New Jersey land sales. [26], In 1999, Stern put TheVillage Voice up for sale. Leonard structured the business around the core principal of retaining sufficient cash flow to finance its own ventures, remaining independent of bank financing. Leonard married Judith Falk, a psychologist, in 1962 and had three children: Emanuel Theodore (b. Stern had become the largest livestock importer in the U.S. by 1934, manufacturing packaged bird foods under the Hartz Mountain brand. The majority of Stern's fortune is derived from closely held Hartz Mountain Industries, which owns more than 260 buildings totaling more than 45 million square feet in New York, New Jersey and across the U.S., according a company brochure. Number of pages: 54 Posted: 22 Sep 2020. [8] And in recognition of his contributions to Jewish educational projects in the United States and Israel, in 1981 Prime Minister Menachem Begin of Israel and Mayor Teddy Kollek of Jerusalem dedicated a park in his name in Jerusalem and gave him the key to the city. The university subsequently named its business school after him, in recognition of that gift and Sterns twenty years of services as a university trustee. [27] In January 2000, Leonard sold The Village Voice to a group of investors, including The Village Voices publisher, in a deal that included six additional alternative weekly newspapers for a rumored $150 million.[28]. He expanded into real estate development in the 1960s, acquiring two tracts of. Those shows prompted thousands of Americans to buy Hartzs canaries. In 2012, Professor James B. Rosenwald and his wife, Laura made a contribution to Stern for the Rosenwald Global Value Student Investment Fund. Struck by the high rate of mental deterioration among the residents, Stern went to work creating a plan to build garden apartment-like buildings in the vacant lots in the citys outer boroughs, financed through bond issues, reasoning that this would cost the government less than they were currently paying for substandard solutions to what was clearly a growing crisis. The annual expenditures rose 20 percent faster than the pet population, which had been gaining about 3 percent a year during that decade. Andrea seemed interested in communications. The couple had three children: Stanley, Leonard, and Gloria. Leonard Norman Stern (born on March 28, 1938, in New York City, NY) was the second son of three children of Max Stern and Hilda (Loewenthal) Stern. Edited by Richard M. Levich and J. P. Mei. In the same year, Tisch Hall, designed by Philip Johnson and Richard Foster in a similar style as Bobst Library and Meyer Hall, opened at 40 West Fourth Street to house the undergraduate college. In a May 2 notes to investors, [he] wrote, We hope that you considered the ride to be a good one, and thank you again for your support. See Robert Frank, Now, Mutual Funds Under Fire: Charges Against Canary Capital Cast a Spotlight on the Sterns; A Journey from Hartz to Hedge, Wall Street Journal, September 4, 2003. [1] Winston Williams, Birds and Words: Leonard Stern; Moving Hartz Mountain Into Media, New York Times, July 7, 1985. He also supported the establishment of the Albert Einstein College of Medicine in New York City, assisting in convincing Albert Einstein to lend his name. We wanted to find out if the stores milk sales had been hurt and we found out, no effect. Stern offers academic majors in Marketing, Finance, Information Systems, Actuarial Science, Economic Policy, Economic Theory, Entertainment Media & Technology, Accounting (CPA and General) and others, as well as co-majors in International Business, Financial Systems, Sustainable Business, and a certificate program in Entertainment, Media and Technology. 85.9%. Bloomberg reporting. 9. The following information is provided for citations. Fall 2021 Leonard N. Stern School of Business - Graduate. His funds return for 2001 decreased to 28.5 percent, outperforming the major stock indexes. Step 1: Determine which NYU Stern classes are available. Prominent investment banker and Home Depot investor Kenneth Langone (MBA 1960) donated $10 million to Stern in 1999. Young Leonard attended yeshiva (a Jewish school), and dreamt of going into business, though not necessarily with his father. Maxs second son, Leonard, certainly proved this theory to be true, earning his undergraduate and graduate degrees at a very young age. Real estate made sense because we could use our capital and it would be managed by a relatively small cadre of experienced people, he said. [32] Andrea Kannapell, On the Waterfront, New York Times, February 15, 1998. The networks these Jewish immigrants formed through their religion, communities, and culture served as a strong foundation for many of their entrepreneurial undertakings. [52] Julia Stears, NYCs Billionaire Milkman, Greatest Person of the Day, The Huffington Post, May 25, 2011 (accessed July 19, 2012). His vision was to take the loneliness out of travel with special architectural features.[36]. 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